Pakistan and Saudi Arabia agree to launch Economic Cooperation Framework
Islamabad, Hilal Ahmad, October 28, AZERTAC
Pakistan and Saudi Arabia have launched an Economic Cooperation Framework based on shared economic interests and reaffirmed their commitment to strengthen trade and investment relations. The framework was agreed upon during a meeting between Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Crown Prince and Prime Minister Mohammed bin Salman in Riyadh, on the sidelines of the 9th edition of the Future Investment Initiative (FII9).
Pakistan’s Ministry of Foreign Affairs stated that the decision reflects the nearly eight-decade historic partnership between the two countries, as well as the strong bonds of brotherhood and Islamic solidarity uniting their leadership. The framework will support discussions on strategic and high-impact projects in the fields of economy, trade, investment, and development, enhancing the role of the private sector and increasing bilateral trade.
Priority sectors include energy, industry, mining, information technology, tourism, agriculture, and food security. Both sides are exploring several joint projects, including a Memorandum of Understanding on electricity interconnection and another on cooperation in the energy sector.
The framework represents a continuation of efforts to strengthen fraternal relations, build a sustainable partnership, and serve the mutual interests of both nations. The leaders also plan to convene a meeting of the Saudi-Pakistani Supreme Coordination Council.
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